Joseph Lubin: Believes in the future growth of cryptocurrencies.
Co-founder of Ethereum and CEO of ConsenSys Inc., Joseph Lubin, said in an interview with Bloomberg on August 14 that he does not consider the recent collapse in cryptocurrency prices to be an obstacle to further growth.
In a recent discussion on the state of the cryptocurrency market with Bloomberg, Lubin said that last year’s value increases were just another bubble like the previous “six big bubbles, each one more epic than the previous one, and each bubble is amazing when its happening”.
He added that if examined closely, those peaks look like “grains in a graph.” Lubin said that every bubble, like the current one, has brought a significant burst of activity. He stated: “We build more fundamental infrastructure, we see a correction, and the potential becomes even more impressive. I absolutely hope there is a strong correlation between the increase in price and the growth of the fundamental infrastructure in the ecosystem and the growth of development in the ecosystem. We are probably two orders of magnitude larger as a developer community than we were eight or ten months ago. “
Lubin attributed the volatility to “trader types,” that is, speculative investors, saying that it is not necessarily an indicator of the improvement of the underlying infrastructure. When asked how he is affected by price volatility, Lubin replied:
“So we can look at the price and make plans for growth and projections, and we’re still on track, basically. So this is not unexpected. “
Yesterday, Ethereum (ETH) fell to its lowest level in the last 9 months, and traded at 288 dollars. The last time the alternative currency fell below the price point of $ 300 was at the beginning of November 2017. This morning the losses expanded to 16 percent on the day and almost 35 percent in the last week.
Currently, ETH is operating around $ 263, 7 percent less on the day, with a market capitalization of more than $ 26 billion.
It can be seen that there are several positive comments about ETH, alleging that the situation does not stop the projects that were previously designed; they even consider it as an impulse to show that ETH is still alive, just something hit by events.
Currently, the currency seems to be beginning a stabilization process, reaching US $ 280 again. Critics estimate that if it manages to stay stable at US $ 300 for 2 days it could mean stability and create a resistance in that value, allowing us to start a new growth era.
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